Microslick doesn't match Graphite black at all. Microslick is gray and the other is very black. Why does a 700 action need Microslick? Plenty of room for Cerakote. I do every surface inside and out except for the chamber and bore. It takes up about half the slack in the bolt making it run like it's got bushings.
Microslick is a dry film lube and once burnished adds near nothing to a parts dimensions. It goes on .25 mils thick. It is not really meant to be a decorative or corrosion deterrent. It works great on real close tolerance applications. I use it on the tightest 1911 slide rails and on the inside of the tightest Bat target bolt actions. On Glock and S&W internals it's like a trigger job in a can. It also helps get Mossberg 930 shotguns running better. I would never use it for the external parts as a protective finish.
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